June oil production of Oman reaches 29.21mn

In what can be dubbed as a massive boost to the economy, Oman's crude oil and condensate production right through the previous month as amounted to 29.21 million barrels. This amounts to a daily average of around 973,500 barrels. These figures were released by the Ministry of Oil and Gas (MOG) in their annual monthly report.

Apart from this, a total of 23.47 million barrels worth of Oman Crude Oil were exported last month which amounts to an average of 782,540 barrels.

One of the major recipients of this amped up exports has been the People’s Republic of China, as the total percent rose by 9.65 per cent last month. Also 83.55 per cent of the total exports from Oman went across to China in June.

However, the exports to Japan tanked off a bit as the figures dipped by 0.40 per cent in June as compared to May.

However, demand from supply saw a rise as it accounted for 2.02 per cent of the total exports from Oman.

It has to be mentioned here that prices in futures in major crude oils did dip worldwide in June 2018 as compared to May. The average cost for West Texas Intermediate (WTI) crude oil at the New York Mercantile Exchange (Nymex) amounted to US$67.23 per barrel last year, which is almost $2.73 lighter than the average price in May.

One of the other primary reason for the dip in oil prices all over the world were the rather negative market speculations which preceded the meeting of the Organisation of Petroleum Exporting Countries (Opec) with its non-Opec partners.

Despite this, the trade war which has been on between the United States and China was successful in driving the oil prices on the up on quite a number of days.